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Moody's ups Taylor Wimpey, notes
Moody's Investors Service said it upgraded Taylor Wimpey plc's corporate family rating to Ba2 from Ba3 and its probability of default rating to Ba2-PD from Ba3-PD.
Concurrently, Moody's upgraded the instrument rating on the company's £250 million of 10 3/8% senior unsecured notes due 2015 to Ba2 from Ba3 with a loss given default assessment of LGD4, 50%.
The outlook is stable.
"The upgrade of Taylor Wimpey's ratings to Ba2 was prompted by the company's strong operating performance, with growth in sales and profitability, and the sustained improvement in its financial strength metrics," Lynn Valkenaar, Moody's vice president, senior analyst and lead analyst for Taylor Wimpey, said in a news release.
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